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Video transcript

- I'm Philip Rosedale. I think entrepreneurs just love the spotlight in many cases, a lot more than the actual money, but it's sort of money that measures the size of that spotlight in a lot of communities. I think all the really great risk-takers and entrepreneurs are motivated by some sort of observation about possibility in the world around them or something they can build that they just can't get out of their head. And it usually doesn't seem to be money that motivates them, it's sort of a more powerful force, it's just sort of a fantasy or an idea that you just can't stop thinking about. Some people call themselves serial entrepreneurs, and I always think that that's almost a career choice. And it wasn't really mine. I'd call myself more of an inventor. I get passionate about imagining building something, and then trying to build it, and then seeing if it works. That's caused me to work on several different projects that are entrepreneurial, but I think there are a lot of really amazing people in the community that are there to be entrepreneurs, over and over again, successfully, regardless of what the ideas they work on are. I'm more of that kinda crazy inventor who really is passionate and particular about what he actually works on. You know, for me, as an inventor, and I guess, more of a futurist, the idea always comes first. So, the possibility that something about the world could be different than the way it is right now, or is likely to be different, with a little help, that is always what drives me. And then I start thinking, is the technology here yet to enable that? Could I really actually do it? When you think about entrepreneurial projects and you think about the businesses behind them, and whether you can actually make money and do something, there's really two different domains, and I tend to think of one and not the other. The first domain is kind of arbitrage and differentiation, where maybe you're trying to take an existing market, and capture a piece of it for yourself, by doing something in that market better or differently. There's another idea though, where you believe that by creating some kind of fundamentally new experience or capability for people, there's kind of a new market that'll be created that doesn't really have a lot of competitors in it, but that market might be of value enough to people that they'd be willing to pay for it. I'm a value creator. So I always think on that side of, I don't really wanna compete with an existing market, I wanna create a whole new market, and then the important question to ask is, is there enough value in the experience that we're giving people with this new technology or product that they'd actually be willing to pay something for it? That's the way I always think about new products. So this concept of network effects, and focusing on products where everybody is in some sort of a shared space or community in which they all improve the overall value of the product to everybody else. Those are the products that I think are interesting to me, and I think they're interesting to many entrepreneurs, and probably a simple thing to do if you're a student or a young entrepreneur thinking about your first project. Focus on ones that potentially have those network effects. It's a matter of imagining the future, and then asking whether there's a chance yet to jump ahead and actually build that future.